How can a data-driven marketing strategy take your business to the next level?

The digital age has changed the dynamics of businesses. Brands need to adapt to this new advancement that the digital age has brought along with it. We can now harness our results, optimize, and achieve more. But what’s the key? Marketing — but with digitization. The onset of data-driven marketing is the new mantra for businesses to take it up a notch.

Why is data-driven marketing important for your business?

Businesses use data to modify the way they interact with their customers, partners, and suppliers and how their business works on the inside. Read our article here to learn how Spotify used the power of data analytics in marketing. Times have changed and with businesses having the grasp of what’s to be done, the key is to do it right.

Customer experience

According to the Global Review study, 49% of brands use data-driven marketing to enhance customer experience by conducting surveys and identifying areas of improvement. Big data helps provide information about your consumer to create a better experience for them so that they always come back to you.

Product development

It can significantly reduce the risk of product failure while helping the business understand what product best suits the customer’s liking. The generated insights on social media platforms are an added benefit that can lead to better business decisions and good strategic moves. For example, if you as a business provide quick solutions and suggestions on the products you deliver, customers are more likely to buy from you again. When you own apparel business, if you take customer feedback on your products, improve on it, and provide them with better quality and service, they are more likely to become loyal customers.

Time and Clarity

With a plethora of databases in hand, marketers can filter through data and determine the most relevant and accurate information that requires immediate action.

In a survey, Forbes discovered that 88% of marketers use third party tools to extract big data for marketing. In this survey, it was also concluded that companies who deploy data-driven marketing are six times more likely to remain profitable year-over-year.

How can your data-driven marketing strategy take your business to the next level?

Personalisation in data-driven marketing

Personalization is a complex yet important aspect of data-driven marketing. It means, focusing on what a particular consumer wants, their trends, and behaviour along with the advert and channel of communication. For example, Myntra has been able to create a more personalised shopping experience for its customers. It all started when Amazon put forward its foot and the response was overwhelming. 84% customers would no longer buy from a business that did not take account of their preferences and purchasing history.

Optimisation

Marketing isn’t easy. With a plethora of data present to you, you need experts with an evolving strategy to execute in a steady and right direction. About 64% of marketers actively invest time in SEO -the ones who give new insights to target the right audience and improve sales, because the marketing world is dynamic and ever-changing — trends, technology, and tactics are never stagnant.

Re-targeting previous customers

97% of people who visit your site for the first time leave without buying anything, and then they’re lost forever unless you can bring them back. Someone visits your website to check what you have to offer. Later, they start to see your ads on other pages they visit. And that’s how you’ve caught their eye, and now they’ll return to you. According to Google, combining retargeting ads with other advertising you already do can help you sell 50% more stuff.

Campaign Management

In 1987, Nike was down and dethroned by its competitor Reebok and its response was arguably the most famous marketing campaign of all time — the ‘Just Do It’ campaign. Its market share grew and Nike changed the way people saw sportswear. This is the power of a successful marketing campaign. A well-executed marketing campaign can be transformative. An ever-evolving strategy and marketing managers are what you need for it to be a success.

In many ways that were unimaginable a few years back, the data-driven marketing strategy has taken front seats when it comes to a progressive approach for your business. And more importantly, to stay in the game, you need to adapt to the ways of the present and work your way up. Because, let’s face it, for a business it is not a choice but a necessity.

Don’t be left behind in this digital age, that’s exactly where we at Provoz play our part. We provide our clients with a personalized experience and aim at providing you with exactly what you need, with proper strategy, expertise, and analysis. We don’t want you to be left behind.

Author: Ananya Singh